Tesla’s Elon Musk owns Samsung by confirming exclusive battery deal with Panasonic on Twitter

Social media and the likes, such as Twitter, can be quite powerful. For instance, should something become viral, you’d better hope to the Flying Spaghetti Monster above that the content isn’t about you or someone you know because of how fast viral content could spread.

But there was also another recent example as to how one tweet can make the world of a difference.

Last night, Tesla Motors’ CEO, Elon Musk, confirmed to have signed an exclusive deal with Panasonic for the supply of the batteries for pretty much the entire lineup, smashing previous reports and rumors that it was going to be Samsung. And just to emphasize the power of social media, this single tweet has resulted in a $580 million loss in Samsung’s stock value, or around eight percent.

Would like to clarify that Tesla is working exclusively with Panasonic for Model 3 cells. News articles claiming otherwise are incorrect.

— Elon Musk (@elonmusk) June 8, 2016

On the flipside, Panasonic’s stock obviously soared, with value going up by $800 million.

– By: Chris Chin

Source: WSJ